Keep What You Earn

In this episode, Shannon breaks down the essential factors to consider before acquiring a business. She emphasizes the importance of evaluating the people, processes, and profit of a business, whether you're buying, starting, or even planning to sell a business. Through real-life examples and practical advice, Shannon provides valuable insights to help listeners make informed decisions and set their businesses up for success. Tune in to gain expert tips and advice on navigating the world of business acquisitions and profitability. What you'll hear in this episode: 04:59 Importance of systems, processes, and clear expectations. 10:39 Focus on profitable businesses, solid operations, and growth. If you like this episode, check out: 4 Steps to Start Your Investing Journey with Tess Waresmith The Four Elements of a Strong Financial Plan with Travis Gatzemeier Simple Ways to Wealth with Hilary Hendershott Want to learn more so you can earn more? 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Is your business lacking excitement? Occasionally, you might find yourself back in the grind, dreading Mondays as if you're just working a job. It's not uncommon for even highly accomplished entrepreneurs to voice their boredom and discontent with their thriving businesses simply because they're feeling uninspired. In this episode, I delve into my insights on business boredom and offer strategies to reduce distractions. What you'll hear in this episode: [1:51] What's causing your business to become monotonous? [4:20] Explore various alternatives when you find yourself getting bored with your business. [7:10] The source of your income doesn't necessarily have to be the source of your happiness. If you like this episode, check out: Unlocking the Secrets of My SOPs What Qualifies as a Deduction What is a W-9 and Who is Required to Have One Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Today we are sitting down with the incredibly knowledgeable Jim Emerich, founder of Backbone CFO. From accidental guru to virtual financial maestro, Jim has carved a niche in helping businesses achieve exponential growth. Do you struggle with cash flow forecasting? Are the financial complexities of growth leaving you overwhelmed? Well, Jim's got the tools and insights that could unlock a 10X revolution in your business. And if you've ever considered the fractional CFO world, Jim's personal journey is a template for success. Jim has held positions such as Chief Financial Officer and Vice President of Finance, has been exposed to financing efforts up to $100 million dollars, mergers and acquisitions, multi-year strategic planning, and more. Despite a decade of success in corporate finance, when he fell asleep at work, he knew he didn't want the mundane and decided to embark on his entrepreneurial journey. He's a husband, father of five, and the founder of Backbone CFO which he launched in 2020 with the aim of helping business owners align with the right person and strategy to find financial clarity, time, and fulfillment. LinkedIn: https://www.linkedin.com/in/jamesemerich/ Website: https://www.backbonecfo.com What you'll hear in this episode: 04:30 Quit job, started business, time to trust. 07:39 Businesses need to plan and track finances. 12:58 Entrepreneurs need mindset shift for financial decisions. 13:55 "Consider business expenses and goals accordingly." 17:27 Entrepreneurs should bring in specialist assistance. 22:52 Challenging, rewarding environment for entrepreneurial tax professionals. If you like this episode, check out: How to Create More Accurate Forecasts Why Building a Sellable Business Should Be Your Goal How to Know if a CFO Power Session is for You Want to learn more so you can earn more? Transform your small business journey – download the Small Business $tarter Kit here. Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode of "Keep What You Earn," Shannon is joined by Jim Emerich, CEO of Backbone CFO, as they delve into the secrets to finding a stellar CFO for your business. They discuss the importance of hiring a CFO at the right time, the qualities to look for in a fractional CFO, and the value of having a strong professional network to support your business growth. Jim shares practical tips for evaluating and connecting with the right financial professionals. This episode offers actionable insights and valuable resources for entrepreneurs looking to make informed decisions about their financial support team. Join us as we learn from Jim Emerich about the essential role of a CFO in business growth and success. Jim has held positions such as Chief Financial Officer and Vice President of Finance, has been exposed to financing efforts up to $100 million dollars, mergers and acquisitions, multi-year strategic planning, and more. Despite a decade of success in corporate finance, when he fell asleep at work, he knew he didn't want the mundane and decided to embark on his entrepreneurial journey. He's a husband, father of five, and the founder of Backbone CFO which he launched in 2020 with the aim of helping business owners align with the right person and strategy to find financial clarity, time, and fulfillment. LinkedIn: https://www.linkedin.com/in/jamesemerich/ Website: https://www.backbonecfo.com What you'll hear in this episode: 05:18 Consider fractional CFO once revenue exceeds seven figures. 07:55 Fractional CFO not just bookkeeper, CPA, tax pro. 09:16 Podcast emphasizes growth, financial management, and advisors. 13:59 Recommend understanding theory of value flow in services. 16:31 Outsourcing builds value and client reliance. 19:49 Entrepreneurs vetting, connecting based on shared values. If you like this episode, check out: How to Create More Accurate Forecasts Why Building a Sellable Business Should Be Your Goal How to Know if a CFO Power Session is for You Want to learn more so you can earn more? Download the Money Pro Matchmaker tool here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode of Keep What You Earn, Shannon dives into the crucial elements of building trust with your customers. She breaks down the commonly known "know, like, trust" concept and introduces her own equation for trust: relationship plus reliability. Shannon emphasizes the importance of not just being likable, but also consistently demonstrating commitment and reliability to earn the trust of your audience. Drawing from her own experiences and interactions with clients, she illustrates how investing time and effort in building trust can lead to long-term, sustainable relationships with your ideal customers. Join Shannon as she shares valuable insights and actionable strategies to enhance the trust-building process in your business. What you'll hear in this episode: 05:11 Building trust through content for business success. 08:40 Build trust through reliability and commitment. If you like this episode, check out: Why Just Bumping Up Prices Doesn't Cut It How to Have a Successful Podcast What Latin Music Can Teach You About Business Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, Shannon delves into the crucial topic of separating business and personal finances. With her expert insight, she explores three concrete reasons why it's essential to maintain this division. From the impact on tax organization and IRS audits to potential legal ramifications, Shannon provides valuable advice on the far-reaching benefits of this practice for business owners. What you'll hear in this episode: 05:06 IRS agents expect honesty and organization. Trust matters. 09:17 Commingling funds can pierce corporate veil. 10:46 Separate business and personal to build habits. If you like this episode, check out: Why You Need More Than One Type of Mastermind Want to Leave Your Corporate Job? It's Easier Than You Think Do You Really Need a Business Plan? Want to learn more so you can earn more? Transform your small business journey – download the Small Business $tarter Kit here. Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Prepare to journey through the world of fashion psychology, as we discuss the challenge of standing out and the empowerment in fashion individuality. We'll discuss staples for any entrepreneur's wardrobe and why it's essential for business owners to present themselves confidently. Tannya will share tips on how to rediscover your style and elevate your professional appearance, all while ensuring comfort and authenticity. She'll also touch on the societal stigmas of investing in fashion and how to strike the perfect balance between high-end and everyday wear. Whether you're giving a presentation, running a business, or recording a podcast, your image matters. Let's get ready to peel back the layers of what it truly means to "Invest in Your Image." Join us for a candid chat about style, confidence, and the personal growth that comes from both. Don't miss out! In 2009, Tannya Bernadette launched a business dedicated to empowering busy men and women to shop with ease and intention. The power in her work as a personal stylist comes from understanding her clients goals to help them build a full wardrobe of outfits that match their body, life, and how they want to show up. Aside from hosting The Closet Edit podcast, Tannya has been featured on and partnered with Seattle's Top Dating Photographer, NW Mom Magazine, Simply Matchmaking, Seattle Magazine, Q13, King 5 News, K & L Gates, Vince, Alice + Olivia, and more. Website: https://myclosetedit.com/Instagram: https://www.instagram.com/tannyabstyle/ YouTube: https://www.youtube.com/channel/UCXhQ_dCyJXnjBY6BTTs6eWQ What you'll hear in this episode: 04:37 Style evolution from corporate to personal freedom. 07:01 Choosing versatile and timeless pieces for wardrobe. 10:20 Appearance and attitude important in job interviews. 14:19 Stage attire must enhance and reflect personality. 17:23 Choosing authenticity over expectations, reconnection, staying true. 19:28 Create your own style, feel comfortable, confident. 23:07 Importance of having a stylist for shopping. 28:18 Woman struggles with wearing accessories and makeup. 29:49 Seattle residents face judgment over dressing habits. If you like this episode, check out: Why Just Bumping Up Prices Doesn't Cut It How to Have a Successful Podcast Navigating Networking When You're Not a Fan of Events Want to learn more so you can earn more? 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Welcome to episode 470 of Keep What You Earn, the podcast where we break down complex financial concepts for entrepreneurs. In this episode, Shannon shares the ins and outs of 1099s. She covers everything from who needs to file them and who needs to receive them, to what to do if you receive a 1099 from a customer. Whether you're a seasoned business owner or just starting out, this episode has everything you need to know about handling 1099s, just in time for the upcoming deadline. So, get ready to dive into the world of 1099s with Shannon. What you'll hear in this episode: 06:21 Contractors go through the 1099 filtration system in QuickBooks. 07:26 Consistently name payees, issue 1099, W-9. 13:46 Communicate potential tax reporting errors tactfully. Plan. 15:49 Report 1099 NEC income with Schedule C. If you like this episode, check out: How to Stop Feeling Unprepared For Tax Time Unlocking Business Success: Mastering the Art of the Accountable Plan The Truth Behind TikTok Tax Strategies Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In today's can't-miss episode, we've got an exceptional conversation lined up with our esteemed guest, Ro Shah. Today, we're unlocking the secrets of sales as a wealth-building tool and why mastering it is non-negotiable for your business's growth. Ro, known for her expertise in coaching women in the financial industry, will share her insights into how overcoming the fear of selling and choosing mentorship are key to professional development and success. We'll delve into the deep end of why reliance on referrals might not be the silver bullet for your business and how honing marketing skills can significantly boost your independent lead generation efforts. As Ro unfolds her knowledge, we'll draw from examples of triumphant women in finance who've stamped their presence on platforms like Instagram. She'll also give us the skinny on how knowing your ideal client and choosing the right social media platform can make all the difference. Personal anecdotes from both Ro's journey as a sales coach and my own experiences as a CPA and business owner will give you that insider's look into the challenging yet rewarding world of sales. Plus, we'll also touch on the psychological barriers faced by many women in finance, shedding light on the value of one's services and the power of charging what you're truly worth. By the end of our episode, not only will you be inspired to reframe your approach to sales, but you'll also be equipped with practical strategies to forge longer-lasting client relationships and elevate your entrepreneurial venture. Ro helped over 100 Money Coaches, Bookkeepers, and Accountants make their first sale and grow their businesses by learning Sales strategies to book out. As an agency owner who has managed teams of 10+ I understands the value of growing fast and keeping your sanity at the same time. Host of the industry leading podcast for WOC in finance to empower them to create 5 figure months in their business Instagram: instagram.com/theroshah YouTube: https://youtube.com/@financeclientacquisition725 Website: theroshah.com LinkedIn: linkedin.com/shahroma What you'll hear in this episode: 04:16 Financially savvy women lack crucial sales skill. 09:34 Women in finance facing undervaluation seek support. 10:31 Seeing someone like you makes it tangible. 16:45 Key focus: 95% lead generation, 5% social media. 20:25 Works with entrepreneurs starting or scaling businesses. 23:22 Fear of selling; reading books on business. 27:10 Leverage referrals, find aligned clients, build trust. If you like this episode, check out: How to Introduce Your Kids to Money How to Pour Money Into Your Business The Four Elements of a Strong Financial Plan with Travis Gatzemeier Want to learn more so you can earn more? 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Today, Shannon discusses the importance of having a strong collaboration between tax and accounting professionals in order to maximize finances. She explains the distinctions between tax professionals and accountants, emphasizing the need for bookkeeping and financial statements to be properly managed and shared with the tax pro. Shannon highlights the value of consistent financial updates throughout the year, likening it to regular weigh-ins for a successful weight loss program. She explores the pros and cons of sourcing both tax and accounting services from the same place, and advises listeners on how to prioritize industry focus or end-to-end service. Tune in to gain valuable insights on optimizing your financial operations. What you'll hear in this episode: 05:39 Procrastination complicates professionals' workflow, creates urgency. 06:57 Consistent bookkeeping enables informed decision making. 12:46 Decide industry focus or service-based approach. 14:18 Choose selectively who handles your financial affairs. If you like this episode, check out: Unlocking Business Success: Mastering the Art of the Accountable Plan The Truth Behind TikTok Tax Strategies Harness the Benefits of an Accountable Plan in Your Business Want to learn more so you can earn more? Transform your small business journey – download the Small Business $tarter Kit here. Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.